{"id":813554,"date":"2024-12-20T23:29:27","date_gmt":"2024-12-21T05:29:27","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/20\/bitwise-cio-says-bitcoin-poised-to-push-past-100k-amid-etf-boom-whale-accumulation\/"},"modified":"2024-12-20T23:29:27","modified_gmt":"2024-12-21T05:29:27","slug":"bitwise-cio-says-bitcoin-poised-to-push-past-100k-amid-etf-boom-whale-accumulation","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/20\/bitwise-cio-says-bitcoin-poised-to-push-past-100k-amid-etf-boom-whale-accumulation\/","title":{"rendered":"Bitwise CIO says Bitcoin poised to push past $100K amid ETF boom, whale accumulation"},"content":{"rendered":"

Bitcoins <\/p>\n

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\"bitcoins Bitwise CIO says Bitcoin poised to push past $100K amid ETF boom, whale accumulation<\/span> Assad Jafri \u00b7<\/span> 2 months ago<\/span> \u00b7 2 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n

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Bitwise CIO Matt Hougan believes the recent surge in ETF flows and Trump’s poll lead could catalyze Bitcoin toward $100K milestone.<\/p>\n

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2 min read<\/span><\/p>\n

Updated:<\/span> Oct. 18, 2024 at 8:41 pm UTC<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Cover art\/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.<\/p>\n<\/div>\n<\/div>\n

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Bitwise<\/a> CIO Matt Hougan said Bitcoin (BTC<\/a>) is poised for a significant rally to a \u201csix-figure<\/a>\u201d price amid a convergence of several key factors driving investor enthusiasm.<\/p>\n

In a social media post on Oct. 18, Hougan highlighted a surge in exchange-traded fund (ETF) flows, heightened by a reacceleration of investments into Bitcoin-based financial products amid heightened institutional interest in digital assets.<\/p>\n

Bitcoins Growing appetite<\/h2>\n

Bitcoin, the only crypto valued at over $1 trillion, has demonstrated resilience and growth amid increasing demand<\/a> from both institutional and retail investors. The flagship crypto climbed back near all-time high prices and was trading just shy of $69,000 as of press time<\/p>\n

Bloomberg senior ETF analyst Eric Balchunas<\/a> recently highlighted that US spot Bitcoin ETFs have surpassed $20 billion<\/a> in net flows, with the broader Bitcoin ETF sector managing over $65 billion in assets.<\/p>\n

The rapid growth, achieved in less than a year, has far outpaced traditional asset-tracking ETFs like gold, which took six years to reach similar levels.<\/p>\n

According to Hougan, the growing appetite for Bitcoin ETFs signals a shift in market sentiment, especially as institutional players seek exposure to digital assets.<\/p>\n

Bitcoins Elections and rate cuts<\/h2>\n

Hougan, along with other industry analysts, also pointed to next year\u2019s US presidential elections as a potential catalyst for Bitcoin\u2019s price.<\/p>\n

Former President Donald Trump<\/a> has taken the lead<\/a> in on-chain betting polls, which has added to speculation that the political landscape could further drive Bitcoin adoption due to his vocal support<\/a> for the industry.<\/p>\n

Additionally, Hougan highlighted bipartisan agreements on escalating fiscal deficits, dubbing them \u201cinfinite deficits.\u201d The agreements would continue a loose fiscal policy that could weaken fiat currencies, making Bitcoin\u2019s deflationary nature more attractive to investors.<\/p>\n

Meanwhile, economic stimulus measures in China, combined with global interest rate cuts by both the Federal Reserve and the European Central Bank, are expected to further fuel demand for Bitcoin, as low-interest-rate environments encourage risk-on behavior in financial markets.<\/p>\n

Bitcoins Supply shock<\/h2>\n

Hougan also noted that the post-halving supply shock is \u201cstarting to bite\u201d as whales and ETFs continue to accumulate Bitcoin.\u00a0On-data shows that large Bitcoin holders have been accumulating at unprecedented rates, with whale wallets now controlling 9.3% of the total supply.<\/p>\n

Meanwhile, CryptoQuant data revealed that new Bitcoin whales have invested nearly $108 billion as of Oct. 6, representing a 13x increase this year. These new whales now account for 48.8% of Bitcoin\u2019s total realized cap.\u00a0This marks the highest amount ever spent by these investors, nearly matching the $113 billion held by \u201cold whales.\u201d<\/p>\n

The surge in new whale participation is seen as a \u201cgenerational shift,\u201d and their realized cap is expected to soon surpass that of older whales. Realized cap, which measures the value of each Bitcoin based on its last transaction price, is used to assess the value stored in Bitcoin.<\/p>\n

Mentioned in this article<\/h6>\n
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Latest Bitcoin<\/span> Stories<\/h5>\n<\/div>\n
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Latest Press Releases<\/h5>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n

Assad Jafri Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitwise CIO says Bitcoin poised to push past $100K amid ETF boom, whale accumulation Assad Jafri \u00b7 2 months ago \u00b7 2 min read Bitwise CIO Matt Hougan believes the recent surge in ETF flows and Trump’s poll lead could catalyze Bitcoin toward $100K milestone. 2 min read Updated: Oct. 18, 2024 at 8:41 pm<\/p>\n","protected":false},"author":1,"featured_media":813555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,91696],"tags":[11476],"class_list":{"0":"post-813554","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-bitwise","9":"tag-bitcoins"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/813554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=813554"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/813554\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/813555"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=813554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=813554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=813554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}